NEW YORK (AP) -- A top executive at JP Morgan Chase & Co. will announce he's leaving the company as early as Monday, marking the latest executive departure since the bank's massive trading loss last year, according to a published report.
The Wall Street Journal reported Sunday that Frank Bisignano, the bank's co-chief operating officer, will become the ninth executive in the past year and a half to leave CEO Jamie Dimon's operating committee of key decision makers. The newspaper said Bisignano is leaving to join First Data Corp., a payment processor.
Representatives of JP Morgan Chase and First Data did not immediately return calls for comment.
Bisignano was named co-chief operating officer in July in a management reshuffle after JP Morgan Chase revealed a trading loss of about $6 billion. The massive loss became a focus of the risky bets taken at large banks and oversight of traders who make those bets. It also prompted congressional hearings, as well as investigations by international regulators.
Others called for the resignation of Dimon, who initially called the trade a "tempest in a teapot." Dimon later backtracked and apologized several times for the mischaracterization after the scope of the loss was revealed.
Dimon and Bisignano have known each other since the 1980s, according to the Journal, and worked together at Citibank.
The Journal cited unnamed sources who were familiar with the matter saying that Matt Zames will become chief operating officer. Zames was named co-chief operating officer with Bisignano in July. Zames had taken over as chief investment officer for Ina Drew, who resigned in the days after the big trading loss was revealed.
- Board & Management Changes
- JP Morgan Chase
- Jamie Dimon